Inogen Announces Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Financial Outlook

BEVERLY, Mass.--( BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the fourth quarter and the full year ended December 31, 2025 and provided 2026 guidance for the first quarter and full year.

Delivered full year revenue growth of approximately 4%; Significantly improved profitability with 2025 net loss of $22.7 million and positive adjusted EBITDA of $2.7 million; Well-positioned to accelerate expected 2026 revenue growth and profitability

“In 2025, we made significant progress toward our long-term profitability goals while strengthening our product portfolio and improving the fundamentals of our business. Our disciplined operational efficiency contributed to a substantial year-over-year improvement in adjusted EBITDA, culminating in a positive result for the first time since 2021,” said Kevin Smith, President and Chief Executive Officer. “Our strong balance sheet with no debt, puts us in a strong position to accelerate innovation, enhance customer engagement, and drive portfolio expansion in 2026 and beyond. We believe these strategic achievements create a solid foundation for future growth and value creation for our shareholders.”

Highlights

Fourth Quarter 2025 Financial Results

In the fourth quarter of 2025, the Company made changes to its product revenue categories to provide investors with more meaningful trends in its business and strategic direction. The Company will now report product revenues in the following categories: U.S. sales, international sales, and U.S. rentals.

Total revenue in the fourth quarter of 2025 was $81.7 million, an increase of 2.0% from the prior-year period, primarily driven by higher growth in international portable oxygen concentrator, or POC, sales of 14.8%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin was 43.1% in the fourth quarter of 2025, a decrease from 45.3% in the prior-year period, primarily the result of channel mix.

Total operating loss was $9.3 million, an improvement of 18.3% from a loss of $11.4 million in the prior-year period, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the fourth quarter of 2025 was $7.1 million, an improvement of 27.0% compared to $9.8 million in the prior-year period. Adjusted net loss for the fourth quarter of 2025 was $4.0 million, an improvement of 30.4% from adjusted net loss of $5.8 million in the prior-year period.

Adjusted EBITDA was negative $1.7 million in the fourth quarter of 2025, an improvement of 52.8% compared to negative $3.6 million in the prior-year period.

Cash, cash equivalents, marketable securities, and restricted cash were $120.9 million as of December 31, 2025, with no debt outstanding.

Full Year 2025 Financial Results

Total revenue in the full year 2025 increased 3.9% to $348.7 million from $335.7 million in the prior year, primarily driven by higher growth in international POC sales of 18.4%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin of 44.2% in the full year 2025 decreased from 46.1% in the comparable period in 2024, primarily the result of changing channel mix from higher POC sales to business customers.

Total operating loss was $30.2 million in the full year 2025, an improvement of 29.0% from a loss of $42.5 million in the full year of 2024, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the full year 2025 was $22.7 million, an improvement of 36.6% compared to GAAP net loss of $35.9 million for the full year 2024. Adjusted net loss for the full year 2025 was $8.0 million, an improvement of 60.6% from adjusted net loss of $20.4 million in the full year 2024.

Adjusted EBITDA was positive $2.7 million for the full year 2025, an improvement of 128.4% compared to negative $9.5 million for the full year 2024.

Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2025 and 2024 are in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.”

First Quarter and Full Year 2026 Financial Outlook

Inogen expects first quarter 2026 reported revenue to be in line with first quarter 2025, due to channel mix and lower expected U.S. rentals revenue driven by reimbursement mix and reduced patients on service.

For the full year 2026, Inogen expects reported revenue in the range of $366 million to $373 million, reflecting approximately 6% growth at the midpoint of the range relative to the Company’s 2025 revenue.

The Company remains committed to driving positive Adjusted EBITDA improvement in 2026.

Quarterly Conference Call Information

On February 24, 2026, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961

Non-US callers (201) 689-8589

Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for 6 months.

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through March 3, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13757405.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Inogen

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit www.inogen.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as “aims,” “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s 2026 first quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

Non-GAAP Financial Measures

Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2025, and December 31, 2024. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.

Consolidated Statements of Comprehensive Loss

(unaudited)

(amounts in thousands, except share and per share amounts)

Three months ended

Twelve months ended

December 31,

2025

2024

2025

2024

Revenue

Sales revenue

68,572

66,307

295,304

278,756

Rental revenue

13,149

13,774

53,364

56,949

Total revenue

81,721

80,081

348,668

335,705

Cost of revenue

Cost of sales revenue

39,360

35,499

163,837

148,655

Cost of rental revenue, including depreciation of $2,783 and $3,038, for the three months ended and $11,798 and $12,592 for the twelve months ended, respectively

7,125

8,293

30,566

32,309

Total cost of revenue

46,485

43,792

194,403

180,964

Gross profit

35,236

36,289

154,265

154,741

Operating expense

Research and development

5,316

5,898

19,399

21,610

Sales and marketing

23,106

24,155

97,692

103,069

General and administrative

16,120

17,622

67,381

72,578

Total operating expense

44,542

47,675

184,472

197,257

Loss from operations

(9,306

)

(11,386

)

(30,207

)

(42,516

)

Other income (expense)

Interest income, net

1,163

1,413

4,385

5,190

Other income (expense)

780

(114

)

2,443

850

Total other income, net

1,943

1,299

6,828

6,040

Loss before benefit for income taxes

(7,363

)

(10,087

)

(23,379

)

(36,476

)

Benefit for income taxes

(236

)

(330

)

(632

)

(588

)

Net loss

(7,127

)

(9,757

)

(22,747

)

(35,888

)

Other comprehensive income (loss), net of tax

Change in foreign currency translation adjustment

(43

)

(2,923

)

5,722

(2,590

)

Change in net unrealized gains (losses) on foreign currency hedging

1,224

(324

)

1,970

(324

)

Less: reclassification adjustment for net (losses) gains included in net loss

(579

)

324

(1,970

)

324

Total net change in unrealized gains on foreign currency hedging

645

—

Change in net unrealized (losses) gains on marketable securities

(43

)

(297

)

(136

)

Total other comprehensive income (loss), net of tax

559

(3,220

)

5,744

(2,726

)

Comprehensive loss

(6,568

)

(12,977

)

(17,003

)

(38,614

)

Basic net loss per share attributable to common stockholders (1)

(0.26

)

(0.41

)

(0.86

)

(1.52

)

Diluted net loss per share attributable to common stockholders (1) (2)

(0.26

)

(0.41

)

(0.86

)

(1.52

)

Weighted average number of shares used in calculating net loss per share attributable to common stockholders:

Basic shares of common stock

27,176,742

23,846,666

26,601,652

23,654,395

Diluted shares of common stock

27,176,742

23,846,666

26,601,652

23,654,395

(1) Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 to be filed with the Securities and Exchange Commission.

(2) Due to a net loss for the three and twelve months ended December 31, 2025 and December 31, 2024, diluted loss per share is the same as basic.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)

December 31,

2025

2024

Assets

Current assets

Cash and cash equivalents

103,729

113,795

Marketable securities

15,848

—

Restricted cash

1,289

3,620

Accounts receivable, net

38,863

29,563

Inventories

25,969

24,812

Prepaid expenses and other current assets

12,601

13,661

Total current assets

198,299

185,451

Property and equipment, net

36,362

44,400

Goodwill

10,698

9,465

Intangible assets, net

30,763

30,493

Operating lease right-of-use asset

16,501

18,295

Other assets

6,002

8,081

Total assets

298,625

296,185

Liabilities and stockholders' equity

Current liabilities

Accounts payable and accrued expenses

33,941

27,153

Accrued payroll

10,629

17,189

Warranty reserve - current

10,116

9,736

Operating lease liability - current

3,163

2,812

Earnout liability

—

13,000

Deferred revenue - current

5,503

6,654

Income tax payable

183

142

Total current liabilities

63,535

76,686

Long-term liabilities

Warranty reserve - noncurrent

18,194

16,350

Operating lease liability - noncurrent

14,313

16,594

Deferred revenue - noncurrent

3,603

5,747

Deferred tax liability

6,749

6,948

Total liabilities

106,394

122,325

Stockholders' equity

Common stock

Additional paid-in capital

363,545

328,174

Accumulated deficit

(175,584

)

(152,837

)

Accumulated other comprehensive income (loss)

4,243

(1,501

)

Total stockholders' equity

192,231

173,860

Total liabilities and stockholders' equity

298,625

296,185

Condensed Consolidated Cash Flow

(unaudited)

(amounts in thousands)

Years Ended December 31,

2025

2024

Cash flows from operating activities

Net loss

(22,747

)

(35,888

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

20,659

21,004

Loss on rental units and other assets

3,208

4,535

Loss (gain) on sale of former rental assets

(165

)

Provision for sales revenue returns and doubtful accounts

6,351

10,890

Provision for inventory losses

822

233

Loss on purchase commitments

433

448

Stock-based compensation expense

8,014

7,397

Deferred income taxes

(1,100

)

(1,150

)

Change in fair value of earnout liability

—

3,000

Changes in operating assets and liabilities (1)

(26,913

)

(4,390

)

Net cash (used in) provided by operating activities

(11,216

)

5,914

Cash flows from investing activities

Purchases of available-for-sale securities

(29,829

)

(32,657

)

Maturities of available-for-sale securities

14,003

35,500

Investment in intangible assets

—

(2,090

)

Investment in property and equipment

(2,523

)

(3,360

)

Production and purchase of rental equipment

(7,860

)

(11,643

)

Proceeds from sale of former assets

—

275

Net cash used in investing activities

(26,209

)

(13,975

)

Cash flows from financing activities

Proceeds from employee stock purchases

971

811

Payment of employment taxes related to release of restricted stock

(821

)

(546

)

Payments of accrued earnout

(3,178

)

—

Proceeds from issuance of common stock from securities purchase agreement

27,210

—

Net cash provided by financing activities

24,182

265

Effect of exchange rates on cash

846

(281

)

Net decrease in cash, cash equivalents and restricted cash

(12,397

)

(8,077

)

(1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition.

Supplemental Financial Information

(unaudited)

(in thousands, except units and patients)

Three months ended

December 31,

Change 2025 vs. 2024

Constant

Currency

Change

Revenue by geographic region

2025

2024

U.S. sales

36,055

37,994

(1,939

)

-5.1

International sales

32,517

28,313

4,204

14.8

12.5

U.S. rentals

13,149

13,774

(625

)

-4.5

Total revenue

81,721

80,081

1,640

2.0

1.2

Additional financial measures

Units Sold

46,300

38,400

20.6

Net rental patients as of period-end

49,000

51,000

Twelve months ended

December 31,

Change 2025 vs. 2024

Constant

Currency

Change

Revenue by geographic region

2025

2024

U.S. sales

156,476

161,549

(5,073

)

-3.1

International sales

138,828

117,207

21,621

18.4

18.1

U.S. rentals

53,364

56,949

(3,585

)

-6.3

Total revenue

348,668

335,705

12,963

3.9

3.7

Additional financial measures

Units Sold

189,400

157,500

20.3

Net rental patients as of period-end

49,000

51,000

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except per share amounts)

Three months ended

Twelve months ended

December 31,

Non-GAAP EBITDA and Adjusted EBITDA

2025

2024

2025

2024

Net loss (GAAP)

(7,127

)

(9,757

)

(22,747

)

(35,888

)

Non-GAAP adjustments:

Interest income, net

(1,163

)

(1,413

)

(4,385

)

(5,190

)

Benefit for income taxes

(236

)

(330

)

(632

)

(588

)

Depreciation and amortization

5,035

5,080

20,659

21,004

EBITDA (non-GAAP)

(3,491

)

(6,420

)

(7,105

)

(20,662

)

Stock-based compensation

1,811

1,693

8,014

7,397

Acquisition-related expenses

—

784

Change in fair value of earnout liability

—

1,170

—

3,000

Legal and settlement expenses

—

1,784

—

Adjusted EBITDA (non-GAAP)

(1,680

)

(3,557

)

2,693

(9,481

)

Three months ended December 31,

Operating Expense

Loss from Operations

Net Loss

Diluted EPS

Non-GAAP Financial Metrics

2025

2024

2025

2024

2025

2024

2025

2024

Financial Results (GAAP)

44,542

47,675

(9,306

)

(11,386

)

(7,127

)

(9,757

)

(0.26

)

(0.41

)

Non-GAAP adjustments:

Amortization of intangibles

1,287

1,103

1,287

1,103

1,287

1,103

0.05

Stock-based compensation

1,811

1,693

1,811

1,693

1,811

1,693

0.07

Change in fair value of earnout liability

—

1,170

—

1,170

—

1,170

—

0.05

Income tax impact of adjustments (1)

—

Adjusted

41,444

43,709

(6,208

)

(7,420

)

(4,029

)

(5,791

)

(0.15

)

(0.24

)

Twelve months ended December 31,

Operating Expense

Loss from Operations

Net Loss

Diluted EPS

Non-GAAP Financial Metrics

2025

2024

2025

2024

2025

2024

2025

2024

Financial Results (GAAP)

184,472

197,257

(30,207

)

(42,516

)

(22,747

)

(35,888

)

(0.86

)

(1.52

)

Non-GAAP adjustments:

Amortization of intangibles

4,920

4,330

4,920

4,330

4,920

4,330

0.18

Stock-based compensation

8,014

7,397

8,014

7,397

8,014

7,397

0.30

0.31

Acquisition-related expenses

—

784

—

784

—

784

—

0.03

Change in fair value of earnout liability

—

3,000

—

3,000

—

3,000

—

0.13

Legal and settlement expenses

1,784

—

1,784

—

1,784

—

0.07

—

Income tax impact of adjustments (1)

—

Adjusted

169,754

181,746

(15,489

)

(27,005

)

(8,029

)

(20,377

)

(0.30

)

(0.86

)

(1) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024.